Quotes of the currency pair New Zealand Dollar against the US Dollar NZD/USD complete the trading week as part of a fall near the level of 0.6125. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall from current levels on the market. At the moment, we should expect an attempt to develop the rise of the currency pair on Forex and test the resistance area near the level of 0.6325. Then, a rebound down and the continuation of the fall of the currency pair with a potential target below the level of 0.5385.
NZD/USD Weekly Forecast August 7 — 11, 2023
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the downtrend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling quotes of the pair in the current trading week August 7 — 11, 2023 will be a strong growth and a breakdown of the 0.6585 area. This will indicate a breakdown of the resistance area and a continuation of the rise of the NZD/USD pair with a potential target above the level of 0.6945. The fall of the currency pair on Forex will be confirmed by a breakdown of the support area and closing of quotes below the 0.5885 area, which will indicate a breakdown of the lower border of the bullish correction channel.
NZD/USD Weekly Forecast August 7 — 11, 2023 suggests an attempt to develop a correction and test the resistance level near the 0.6325 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.5385. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the pair’s fall option will be a strong growth and closing of NZD/USD quotes above the level of 0.6585. In this case, we should expect the currency pair to continue to rise with the target above the level of 0.6945.
